Cohousing-L Mailing List: RE: cohousing and resale

[Alexander Robin A (alexande.robi]

Sounds impractical for many of the reasons you mentioned. Appraisers
have a hard time dealing with other than comparing single family units
without the complexities of shares in common facilities. In Eno Commons,
appraisers have had to work pretty hard just to meet the selling price
for purposes of bank financing. I like the sound of your system in terms
of fairness but the appraised value will be the trick.

Robin Alexander
15 Indigo Creek Trail
Durham, NC 27712
919-309-4795
alexande.robi [at] uwlax.edu

-----Original Message-----
From: Shelly DeMeo [mailto:shelldemeo [at] comcast.net] 
Sent: Tuesday, April 27, 2004 9:32 PM
To: cohousing-l [at] cohousing.org
Subject: [C-L]_ cohousing and resale

Wondered if anyone would share experiences with resales of cohousing
units in their communities, specifically appraisals of units.  Under our
bylaws sellers are required first to offer units to folks on the waiting
list at a price set by an appraiser, who presumably prices the unit at
fair market value.  But residential appraisers typically base fmv on
comparable sales, although there are other methods, and so the question
becomes -- comparable to what?   Because there aren't that many
cohousing units in the area, and even fewer that turn over within the
six or nine-month lookback period that appraisers are required to use,
does the appraiser turn to single family homes or condos to use as
comparables? Are conventional appraisers able to come up with a true
fair market value for a home in a cohousing community? Any insights
would be much appreciated. 
Thanks, Ray

 
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